Who selects the appraiser to determine the value of land, facilities, and vehicles owned by the Bonchon franchisee, and how is the expense shared?

According to Bonchon's 2025 Franchise Disclosure Document, in the event that Bonchon chooses to purchase land, facilities, and vehicles owned by a franchisee (or their affiliate) and utilized by the franchised business, the determination of the appraised value will be conducted by an appraiser selected by Bonchon. The expense of this appraisal is shared equally between Bonchon and the franchisee.

This condition applies upon the termination or expiration of the franchise agreement. Bonchon has the option to purchase these assets within 30 days after the termination becomes effective. This appraisal process ensures that the franchisee receives fair market value for these assets, although the cost of the appraisal is split.

If the franchisee owns the Bonchon Restaurant location, Bonchon has the option to either purchase the location or require the franchisee to execute a lease for the location under commercially reasonable terms. If both parties cannot agree on the lease terms, an independent appraiser will be designated to determine the terms, and the cost will be split equally between Bonchon and the franchisee. The appraiser's determination will be binding.